Bain Real Estate 2018 October Kent Segar Mountain Market Report.
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Have we reached equilibrium between buyers and seller after 10 years? From the bottom of the market to today there has been a slow, arduous climb of local real estate values. In the ensuing ten years values have improved with buyers returning to the market; returning however with a tempered desire to purchase. Sellers in turn reacted by lowering asking prices making it more appealing to the buyers. So, growth has ensued.
2006 was arguably the peak of the market prior to the Great Recession. Below is the data from 2006 showing an average sales price of $475,000 (rounded) on 53 sales? The second box (Oct. 2017-Oct. 2018) shows 50 transactions with an average sales price of $675,000 (rounded). For additional perspective, the average market value from October 2010 through 2011, which was the statistically low point of the market, was $393,845 on only 32 sales.
One can see that the volume of sales of the last 12 months versus 2006 is awfully close. And both periods show that the Days on Market (DOM) are also nearly the same. Plus, presently there are only 46 homes (statistically low) on the market and 7 properties in contract. There have also been a number of properties sold directly without market exposure that have not figured into this data. All this makes a strong argument that the local real estate market has returned to a much healthier level from the low points of the local real estate market.
So, here are the details of what has transpired in the last 12 months in the neighborhood. There were a total of seven sales in the neighborhood.
24 A Segar Mountain Road
This unassuming Modern home on 3.12 acres is hidden near Kent's village center with western views of farmland and hills beyond. A 30 x 21 Great room is the highlight of the house with fireplace, exposed wood beams, and vaulted ceiling. The kitchen offers a walk-in pantry, wood cabinets, granite counter tops, gas range, and stainless steel appliances. There are three bedrooms upstairs with the master suite offering walk in closets and a full bath with Jacuzzi tub. Two other guest bedrooms share a full common bathroom. Sun filled lower level room offers many potential uses. With over 3200 sq ft of living space, a two car attached garage, this is in turnkey condition. Chris Garrity, my partner, sold this house in 2005 for $362,500 and he brought the most recent buyer who paid $425,000 or a nearly a 15% increase from pre-Great Recession market height.
55 Stone Fences Road
Back in 2005 this house was sold for $495,000. After thirteen years and a foreclosure, this contemporary colonial sold again for $269,000. This 50% loss of value was dramatic but largely due to the deteriorated condition of this 1996 home. New owners invest money, energy and enthusiasm thus this 2380 sq. ft. home with 3 bedrooms and 3.5 bathrooms has been rejuvenated. Newly renovated kitchen with stainless steel gas range, stone counters, new cabinetry, farm sink, lighting and plumbing fixtures. Recent interior paint, refinished white oak flooring, tree removal and mechanical system updates. This house boasts a cathedral ceiling living room anchored by a large brick fireplace. The master suite is on the main floor and is connected via a wood deck to the kitchen and living room.
It is now for sale again for $399,000.
25 Bald Hill Road
This home has rustic charm on a very private 1.5 acres on a dead end road. It's a contemporary barn style home offering large public rooms- Kitchen with vaulted ceilings and exposed beams with fireplace and a pantry. There is a spacious living room with a fireplace and wood flooring. There are 4 bedrooms 3 full and one half baths. Extra rooms include a reading nook at second floor landing, a sun room on first floor couples as an office, a lower level playroom, TV room and Laundry room round out the house. In 2008 this house was sold for $250,000 and with some improvements to the house and improvements in the real estate market, this house sold for $320,000 in 2018.
18 Kenmont Road
Exceptional lakefront and 16.5 acres on North Spectacle Lake is what makes this property so special. With views over the lake and 500' of lakefront and a private cabana and dock, the 20 years old house was an afterthought. In fact the 4 bedroom, 3 bath custom Lindal cedar home with post-and-beam construction, huge panoramic windows, vaulted ceilings, fireplace and an open floor plan was demolished after it was sold. Once listed for over $3 million, we represented the buyers who have since begun to erect a home with better quality and design. The property sold for $1,250,000.
445 Segar Mountain Road
Also on North Spectacle Lake is a 1995 contemporary with direct frontage. Intentionally designed open floor plan allows the light to flood in and the lake views to be the focal point from each of the three levels. This 2500 sq. ft. lake house has 3 bedrooms and 3.5 bathrooms a living room with a fieldstone fireplace, vaulted ceilings and French doors to large 36 foot deck. The open loft office has lake views while the large family room on the lower level offers a small kitchen and a bedroom and full bath. This home sold for $500,000 after being on the market for nearly 2 years with an initial asking price of $895,000. It had last sold in 2001 for $450,000.
447 Segar Mountain Road
This property uses the same driveway as the aforementioned home at 445 Segar Mtn. Set 200 feet back from North Spectacle Lake this 3742 square foot contemporary is sited to maximize the views. Likes it neighbor this 3 bedrooms and 3 full baths is designed to see and access the lake. The living room has windows on 3 sides with a fieldstone fireplace in between. The kitchen is large (17'x 23') with ample storage, counter space and views of the lake. The second floor has 3 bedrooms, two full master baths (one with a deep soaking tub) and a separate office. An elevator was recently added to give easy access to the second floor. There is also a large family room on a walkout lower level to the boardwalk to the lake. This home sold in 2007 for $637,685 and sold again this past summer for $670,000. This house was on the market for five years with an initial asking price of $990,000.
If you were curious, much of the value discrepancy between (445 and 447 Segar Mtn. Rd) and 18 Kenmont Road is attributable to the quality of the lake front each has. 18 Kenmont Rd. has deep water access and has dry ground. 445 and 447 Segar Mtn. Rd which abut one another are at the outlet end of the lake where the shallow and weedy conditions make it less appealing to the market.
4 Kenico Road
Another victim of the Great Recession was this practical raised ranch on 1.2 acres of land. Last purchased in 2003 for $265,000, this home represented a good family house value. But in 2017 after some considerable neglect, this 1281 sq. ft. home was foreclosed upon and came back on the market for $199,900. With my partner's assistance the new buyers snapped it up for at $198,000 only after 14 days on the market. It has since been updated and brought back to comfortable living standards.
There are a few other offerings in the neighborhood and town so to keep in touch with these happenings or other areas in the NW Corner, visit on our website, www.bainrealestate.com.
This letter and the others we write are posted there as well. Have a colorful autumn.
David Bain &
And the Kent office-Toni Soule, Marilyn DeVos & Scott Harvey
Please note that not all listings and sales transactions are through David Bain Real Estate